Category Archives: New Jersey Insurance

New Jersey Car Insurance

All New Jersey drivers know the Auto insurance landscape in Garden State has drastically changed. Prior to 2009, New Jersey drivers were limited to very few choices when it cam to obtaining liability insurance for you car, truck or SUV. Because of the population areas in the northern part of the state and the coastal risks along its eastern border, insurance companies have very difficult time trying to post a positive underwriting profit. Further, the statutory limitation created by the New Jersey legislature in those days made it even more difficult to correct a carriers rate filing. Most people notice that all auto and homeowners insurance carriers have a different rate. The rates a carrier charges is based on an actuaries finite estimation of how many claims an insurance company will need to pay for in relation to the amount of insurance premium the carrier will collect from it’s customers annual and monthly. These actuaries are highly educated individuals and are very good at what they do. Under normal circumstances, a set of auto insurance or homeowners rates files with the New Jersey Department of Insurance will perform as planned. As I mentioned before New Jersey has 3 issues it must overcome.

Until January 1st 2009, most companies had a difficult time making a profit, because of the changes the New Jersey Department of Banking and Insurance put in place after that date – things have changed for the better.Regardless whether you are purchasing a new auto insurance policy or you are about to renew an existing policy; understanding the coverage required to meet the minimum coverage requirements of the state and what coverages you need to protect your assets are two very different things. And to choose the right coverage for your individual situation, you’ll need to consider a number of issues regarding not only the car you drive, but also when you drive, where you drive, and what additional and optional coverages you may need. Do you rent or own your own home? Do you have assets to protect? Will your own health insurance cover auto accident injuries? How much insurance coverage can you afford? If you have a bank loan on my car, do you need to carry Comprehensive and Collision? These are some of the questions you’ll need to discuss with a licensed insurance agent before making car insurance coverage choices.

In New Jersey:

All Insurance Agents, brokers and carriers must tell you about all the coverage options available when applying for a new auto insurance policy. In addition, as an auto insurance client, you have the right to ask the same information during the policy period.

You have the right to shop for auto insurance at any time during the policy period. If an agent states you can’t shop during the policy period, this in not the truth. Some Insurance agents may say this to hold on to you as an auto insurance customer. This is also true when your policy is up for renewal.

You have the right to change your coverages and policy limits at any time, even if you are not near your renewal date. If you select options that save you money, you have a right to a refund of your unused premium within 60 days.

Sunday’s Post 12.25.11 – The North Pole – Friday 12/24/11: In a unanimous 8-0 decision which did not surprise any on-lookers in the court’s gallery yesterday morning; Saint Nicholas was found “Not Guilty” of causing two house fires Christmas last year. It was nearly a year ago, 12/25/2010, when Fire Departments in Pittsburgh, Pennsylvania and Trenton, New Jersey were called to put out two living room fires which were mysteriously started and very similar. … Continue Reading

Wednesday’s Post 11.23.11 – The state of New Jersey has saved nearly $60 million through their anti-fraud effort launched March this year, according to state officials. The anti-fraud Program was part of the state’s campaign to cut down on wasteful spending in fraudulent unemployment insurance payouts. A lofty endeavor. New Jersey’s Department of Labor and Workforce Development, or LWD, carried… Continue Reading

Tuesday’s Post 11/15/11 – Insurance ratings firm, A.M. Best, released a report indicating that Medical Professional Liability Insurance (MPLI) providers in New Jersey are enjoying stong profits. The report, released on the 2nd of October, evaluated MPLI market conditions that prevailed from 2010 to the beginning of 2011. Notable issues covered by the report include tort reforms, mergers and acquisitions,… Continue Reading

Saturday’s Post 11/12/11 – Over the last few days, I have discussed Personal Injury Protection (PIP) and the two states in the U.S. which are responsible for the highest mandated amounts. For some time now, New Jersey’s auto insurance companies have fled the state because of what they claim to be excessive PIP benefits being levied on car insurance companies… Continue Reading

Thursday’s Post 11/10/11 – Michigan is the only state in the U.S. that still offers “unlimited” Personal Injury Protection (PIP) benefits for auto accident victims. The unlimited insurance coverage includes lifetime benefits for victims who have suffered extensive injuries and will require lifetime medical care, as is often the case for spinal injuries and paraplegics. This is, however,… Continue Reading

Wednesday’s Post 10/26/11 – Recently, one of the greatest tragedies to ever occur in the U.S. was when Hurricane Irene struck land. Irene will possibly cost U.S. state and local governments billions of dollars in damages, but funds from the national government might ultimately cover much of this expense. It may be too early to estimate the entire cost… Continue Reading

On Sunday; one of my New Jersey Auto Insurance clients was involved in an auto accident. Although my client was not ticketed or speeding or driving carelessly, her car slid off the road and into a guard rail while going around a wet curve. After she filed her auto insurance claim with Progressive Insurance Company; she stopped by Southeastern PA office… Continue Reading

Many InsureDirect.com customers throughout Pennsylvania, New Jersey, Delaware and Maryland and parts of Ohio experienced losses from Hurricane Irene. It seems like no one was immune regardless if you lost your car, home, motorcycle or boat to wind or flooding. My family home I lost its power for four days and many of my neighbors in the Bucks County Area of Pennsylvania experienced severe… Continue Reading

As most of us whom live on the east coast are aware, last week an unusual earthquake hit the state of Virginia which was felt as far north as Niagara Falls Canada. The event left many on the east coast engrossed in uncertainty of not knowing when this type of event may strike again and what damage they could incur during the next event. In addition, these same residents are… Continue Reading

Due to the steadily rising costs of the New Jersey auto insurance personal injury protection (PIP) rates, local insurance New Jersey regulators seek to make much needed changes to the New Jersey auto insurance system. Governor Chris Christie presented the changes in a proposal released last month August 1, 2011 The changes in the proposal would require New Jersey car… Continue Reading